"We have also put in place a leaner operational structure and made a number of important hires so that we are well-equipped to navigate the market turbulence."

Nicholas Hyett, Equity Analyst at Hargreaves Lansdown, said: “These numbers will be all too familiar to long suffering Debenhams shareholders.

"In 2013 Debenhams was posting pre-tax profits of over £150m a year, but half a decade of falling sales and heavy discounting has trashed margins and left the group struggling to make ends meet.

"CEO Sergio Bucher’s recovery plan seems like the right idea. A background at Amazon means online sales are taking centre stage, and growth here has been strong. Playing to the group’s strengths in cosmetics and concessions also makes sense.

"Unfortunately it all feels like Debenhams is playing catch up with an industry that’s left it behind. Debenhams reckoned it was heading for something like £750m in annualised digital sales at the half year, compared to total sales of £2.3bn in 2017.

"There’s some way to go before good digital growth offsets the stresses elsewhere.

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"Financial constraints are now starting to restrict Debenhams’s freedom of movement – with capex for next year being cut to protect the balance sheet. Mr Bucher’s going to have his work cut out turning this ship round.”